Joint Own Risk and Solvency Assessment (ORSA) Subcommittee
Terms of Reference
Created – 30 August 2011, Updated - 9 August 2016
3.1 Advancing the actuarial view of the ORSA
Particularly with regard to the quantitative elements of the ORSA:
- to keep completely up to date on developments regarding ORSA in jurisdictions adopting ORSA under IAIS ICP 16;
- to make proactive suggestions to regulators where appropriate;
- to be prepared to participate in any future discussions with regulators regarding ORSA on a timely basis.
3.2 Promoting the competencies of actuaries to perform the ORSA
To help to make the actuarial profession ready to fulfill a major role in the implementation of ORSA by insurers. This may involve helping to create training and education programs for actuaries.
To promote the role of actuaries in the ORSA with regulators and with insurers especially regarding the quantitative elements of the ORSA.
To coordinate the work done by different Sections and Committees of the IAA in the area of ORSA, especially when this involves cooperation with other international bodies.
To extend the body of knowledge of the international actuarial community in respect of ORSA:
- encouraging actuarial research;
- presentations and papers at professional seminars, colloquia, conferences etc.; and
- encouraging and co-ordinating other actuaries to produce presentations and papers at professional seminars, colloquia, conferences, etc.
4. Decision-making authority
5. Operational Matters
Frequency of Meetings:
The Subcommittee meets twice per year in conjunction with each IAA Council meeting and by teleconference as required. Extraordinary face-to-face meetings may be called as appropriate.
Agendas and papers:
All meetings will have a formal agenda agreed by the Chairperson that generally must be distributed, along with required papers, at least one week before each meeting. Agendas and meeting papers are available from the Subcommittee page on the IAA website.
Draft minutes of each meeting will be prepared and distributed to the membership as soon as practicable after each meeting. Minutes will be available from the Subcommittee page on the IAA website.
Reporting on Subcommittee Activities:
The Chairperson will provide an update report to the Enterprise and Financial Risk Committee and the Insurance Regulation Committee after each semi-annual Subcommittee meeting.
The Subcommittee will liaise with other IAA committees, working groups or Sections as required to carry out its role and activities, including in particular the AFIR/ERM Section and the Solvency Subcommittee.
The Subcommittee will liaise with external stakeholders as required to carry out its role and activities. These liaisons are subject to any requirements or processes of the IAA Statutes and Internal Regulations.
Other operational matters:
The Subcommittee will share information regarding developments and initiatives in relation to ORSA via the Subcommittee page on the IAA website.